United Technologies Completes Rocketdyne Acquisition
Contact: John Mitchell
Pratt & Whitney Rocketdyne
Contact: Patrick Louden
Pratt & Whitney Rocketdyne
HARTFORD, Conn., August 3, 2005 -- United Technologies Corp. (NYSE: UTX) today announced completion of its Rocketdyne Propulsion & Power acquisition from The Boeing Company. UTC had announced a purchase agreement in February.
Rocketdyne joins Pratt & Whitney’s space propulsion business, creating a company with the most complete product line in the space launch industry. This new company will operate as Pratt & Whitney Rocketdyne, and will be headquartered in Canoga Park, California. Pratt & Whitney Rocketdyne will align its space power and energy segment with UTC’s Hamilton Sundstrand unit.
“We see great strategic value in growing our liquid propulsion space business,” said Louis R. Chênevert, president of Pratt & Whitney. “Leveraging synergies, increasing our product breadth and combining our engineering resources will ensure our leadership in space propulsion.”
“Pratt & Whitney Rocketdyne is poised for success,” Chênevert added. “We have the technology to shape the future of space propulsion and power, the ability to create increased value for our customers and, best of all, outstanding people.”
Pratt & Whitney Rocketdyne will operate two main sites in California and West Palm Beach, Florida, with additional operations at NASA’s Kennedy, Marshall and Stennis space centers. Pratt & Whitney Rocketdyne president Byron K. Wood remarked, “We’re looking ahead with great anticipation as we leverage the unique talents and expertise of this extraordinary team to the challenge of space.”
Pratt & Whitney Rocketdyne offers a complete line of propulsion products, from boosters to upper stage engines, used in a wide variety of government and commercial applications, including the Space Shuttle Main Engines, as well as the propulsion systems for the Atlas and Delta expendable launch vehicles. Additionally, the company offers power solutions for various space applications. Future technologies will provide products for in-space propulsion and hypersonic vehicles.
Pratt & Whitney and Hamilton Sundstrand are part of UTC, a diversified company based in Hartford Conn., that provides high technology products and services to the commercial building industry and the military and commercial aerospace industry. Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. Hamilton Sundstrand designs and manufactures life support, electric power and other systems for a variety of space applications, including the NASA space suit, Space Shuttle and International Space Station.
This release includes "forward looking statements" concerning the anticipated benefits of a transaction that remains subject to uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include delays or inability to obtain necessary regulatory approvals, changes in economic conditions and changes in government procurement policies and practices. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's SEC filings as submitted from time to time, including but not limited to, the information in the "Business" section of UTC's Annual Report on Form 10-K, the information included in UTC's 10-K and 10-Q Reports under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the information included in Current Reports on Form 8-K.
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